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Seeking redress from high cost short term credit companies – FT Adviser

Industry News | 19/11/19

With the financial resilience of consumers becoming increasingly important and protecting vulnerable customers high on its agenda, it comes as little surprise that the FCA remains sceptical of firms offering high cost short term credit (HCSTC) products. This is evident from the FCA’s introduction of measures impacting the HCSTC market, including limits on the number of rollovers, rules on capping charges and issuing a report exploring alternatives for customers. Against this ever-changing regulatory landscape and in view of the long-armed reach of the Financial Ombudsman Service (FOS), HCSTC firms are finding it increasingly difficult to prosper and, in some cases, survive.